"Agency theory in modern corporate finance suggests the presence of a conflict of interest between managers and shareholders. Prior theoretical and empirical research has identified leverage as an important mechanism that is likely to mitigate agency costs. Although debt plays a central role in...

The dramatic expansion in subprime mortgage credit fueled a remarkable boom and bust in the US housing market and created a global financial crisis. Even though considerable research examines the housing and mortgage markets during the previous decade, how the expansion in mortgage credit...

type="main" <p>This article examines the dynamics between mortgage broker competition, origination fees and price transparency. A reverse first-price sealed-bid auction model is used to motivate broker pricing behavior. Confirming the model predictions, our empirical analysis shows that increased...</p>